St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-12-25

market quite as much as is healthy and
necessary. Perhaps the most marked
feature of the market for the past three
months has been the
UNEQUALED PROMPTNEsS
with which maturing mortgage notes
have been met. And it is the natural
conservatism of our people that enables
this prompt meeting of ObligatiOns-the
habit of never attempting to carry more
than may be easily borne; this is the
rule, not the exception.
Every careful student of the realty
business of the past year is now con-
| WINGED that the cessation OF great actlV-
ity last May was most fortunate. That
cessation came at time when the best
| minds in the city we're fearful that a
continuance of too rapid increase in
values would retard all building opera
tons and put an end to Immediate
growth and development. Without up
| building, prices of realty would OF
course not only cease to advance, but
might receive a setback that it would
! take years to recover. To-day the in
valuable lesson is learned; THERE is alb
sOlute confidence; values are perma-
nent and prices will advance in regular
and legitimate proportion to the future
| growth of the city.
Just now st. Paul is the only rapidly
growing city that possesses the conf
dence of outside capital. Every in
weston repeats this argument to himself:
| "There is a future metropolis where
| realty values are not only legitimate,
| but low, compared even with old and
| slowly growing cities of equal size:
where present investment means a
steady and large percentage of increase
| in valuation for years to come; where
every improvement made will yield
more than the usual rates of inter
est that capital demands; where there
| is but little danger of that undue and
| sudden imitation of values that is inva-
riably followed by depression which
destroys trade, stops all kinds of i'm
| prOvementS and requires years to coun-
teract."
All this means that the real estate
business in st. Paul, like every other
| legitimate endeaYor, is based upon the
laws of supply and demand. Prices.
most fortunately, have not even ap-
preached imitation, and hence every i'm
provement made will, in regular and
natural ratio, increase the value and
selling qualities of the realty in its vi
| entity. Everything indicates that 1888
! Will SurpaSS any previous year in st.
| PauTS history in general upbuilding and
| increase in population. Hence there
will be greater legitimate demand
! for realty than ever before. At this
very time there IS more inquiry for bus
| mess property than has ever been
known here. Houses for rent have
| never been so scarce as now; certain
guarantee that residence property will
| be in good demand before spring opens.
There is at this time general and
in farC nf1f
| values. 1t cannot be otherwise than
| that st. Paul prices, must
CONTINUE TO ADVANCE
| in proportion to the growth OF the city.
| and it will require years to exhaust the
| large percentage of annual profits that
| has characterized the market during the
past five years. In other words, there is
| the ordinary business certainty that St.
Paul realty must in time reach at least
the prices now prevailing in towns of
| the present size of this city: and that
means large profits annually for an i'll
! definite period.
One feature of the market during the
| past year, which had the outward appear
ance at first of undue initiation. is found
| to be, on investigation, entirely legiti-
mate. Reference is made to the rapid
| increase in values in and about the new
manufacturing suburbs of North St.
Paul. Gladstone. South st. Paul and
st. Paul Park. Take North st. Paul as
! the basis of comparison land the
| facts with reference to the other districts
named are Similar, and we find that
in district one mile from the city lin
its and five from the very heart of the
city, where acre property year ago
was worth 500 per acre, it is now held
| at $3.50 to 5000 per acre, and in the
town plat lots 40X125 are selling at $3.50
to $500. This seems like initiation in
deed until we come to know that on
ground wholly unOccupied year ago
there are now 1000 people, hundreds Of
dwelling houses of neat and SubStan-
tial character, six churches, $1,000
school building, nearly fifty stores, and
fifteen large large manufacturing con-
Germs some of which have required five
story brick buildings for their purposes :;
and that in the spring railway shops to
cost $3.50, 900 and employ LOCO men are
to be built. A like town anywhere in
the new West would be considered an
important place. Taking the improve
ments made into consideration, the pres
ent prices are actually very low, and are
not more than one-third what similarly
located lands out of Kansas City are
held at without any improvements
WudlSOtNGIs % ldI do uloldIlCO 10 COll-
cerned, none of the suburbs named are
remote enough to be outside Of what
would be the
RADIUS OF BUSINESS PROPERTY
in Chicago. 1t was also thought by
many that the property between st.
Paul and Minneapolis was advancing
in value too rapidly. A moments con-
sideratiOn of the Situation will deter
mine. The distance by any one of
many railway lines between the bust
ness hearts of the two cities is ten
miles. The population of st. Paul and
Minneapolis aggregates not less than
350, 900. The limits of the two corpora
tons now join, and what has for years
been an unoccupied midway land neu-
traD territory is now building up with
greater rapidity than almost any other
portion of either city. Here are situated
the great transfer grounds, where all
the railways concentrate to handle the
enormous freightage of the Northwest.
Great warehouses, elevators and factO-
ries are in constant process of erection.
Beautiful homes by the hundreds are
building. Here are the chief inStitu-
lions of learning in the state.
The heart of either city is
reached in ten minutes by
frequent trains and low fares.
There Is no more desirable locality in
the United States for manufacturing
purposes and many lines of business,
and for convenient homes. And yet
acre property in this district is obtain
able at 81. 500 per acre, and from $500 to
81, 500 is asked for choice residence SITES
There is not city of any Importance in
America that can offer equally as de-
sirable property for anything like these
prices.
Now, at the close of the year, the
market may be reviewed with the
irresistible conclusion that its bust
| ness has never been in a more de-
sirable condition. Sales are not large,
but those made are for actual improve
ment OF that sort of investment which
does not expect 100 per cent profit before
tl,.. dol is ol1...d hut i,,tnr,dS to he Sat-